KETILL: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
KETILL
Largest movements
- Current investments +€400,000
new in 2025: €400,000
- Tangible fixed assets +€147,582
up €147,582 (+56.7%), from €260,442 to €408,024
of which Furniture and vehicles: +€150,875
- Receivables within one year +€58,713
up €58,713 (+113.5%), from €51,735 to €110,448
of which Trade receivables: +€59,470
- Cash +€47,066
up €47,066 (+4.7%), from €999,188 to €1.0m
mainly Other debts (+€754,802) and Net result for the year (+€481,438)
- Other debts +€754,802
up €754,802 (+801.7%), from €94,147 to €848,949
- Profit (loss) carried forward -€218,562
down €218,562 (-23.7%), from €920,644 to €702,082
- Tax, wage and social debts +€52,517
up €52,517 (+89.0%), from €59,006 to €111,523
- Debts after one year +€46,052
up €46,052 (+21.9%), from €210,227 to €256,280
- Financial charges +€30,878
up €30,878 (+45.7%), from €67,609 to €98,487
- Gross operating margin +€22,481
up €22,481 (+3.0%), from €740,289 to €762,770
- Depreciation +€7,955
up €7,955 (+35.2%), from €22,578 to €30,533
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,314,395 | €1,974,046 | +€659,652 | +50.2% |
| Fixed assets | 21/28 | €260,442 | €408,024 | +€147,582 | +56.7% |
| Tangible fixed assets | 22/27 | €260,442 | €408,024 | +€147,582 | +56.7% |
| Land and buildings | 22 | €235,992 | €227,032 | -€8,960 | -3.8% |
| Plant, machinery and equipment | 23 | €3,479 | €1,786 | -€1,693 | -48.7% |
| Furniture and vehicles | 24 | €20,971 | €171,845 | +€150,875 | +719.5% |
| Other tangible fixed assets | 26 | - | €7,360 | +€7,360 | |
| Current assets | 29/58 | €1,053,952 | €1,566,022 | +€512,070 | +48.6% |
| Amounts receivable within one year | 40/41 | €51,735 | €110,448 | +€58,713 | +113.5% |
| Trade receivables | 40 | €50,000 | €109,470 | +€59,470 | +118.9% |
| Other amounts receivable | 41 | €1,735 | €978 | -€758 | -43.7% |
| Current investments | 50/53 | - | €400,000 | +€400,000 | |
| Cash at bank and in hand | 54/58 | €999,188 | €1,046,253 | +€47,066 | +4.7% |
| Deferred charges and accrued income | 490/1 | €3,029 | €9,321 | +€6,292 | +207.7% |
| Total equity and liabilities | 10/49 | €1,314,395 | €1,974,046 | +€659,652 | +50.2% |
| Equity | 10/15 | €925,644 | €707,082 | -€218,562 | -23.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €920,644 | €702,082 | -€218,562 | -23.7% |
| Amounts payable | 17/49 | €388,751 | €1,266,964 | +€878,213 | +225.9% |
| Amounts payable after more than one year | 17 | €210,227 | €256,280 | +€46,052 | +21.9% |
| Financial debts | 170/4 | €210,227 | €256,280 | +€46,052 | +21.9% |
| Amounts payable within one year | 42/48 | €178,523 | €1,010,684 | +€832,161 | +466.1% |
| Current portion of amounts payable after more than one year | 42 | €20,956 | €33,274 | +€12,318 | +58.8% |
| Trade debts | 44 | €4,415 | €16,939 | +€12,524 | +283.7% |
| Suppliers | 440/4 | €4,415 | €16,939 | +€12,524 | +283.7% |
| Taxes, remuneration and social security | 45 | €59,006 | €111,523 | +€52,517 | +89.0% |
| Taxes | 450/3 | €59,006 | €111,523 | +€52,517 | +89.0% |
| Other amounts payable | 47/48 | €94,147 | €848,949 | +€754,802 | +801.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,578 | €30,533 | +€7,955 | +35.2% |
| Other operating charges | 640/8 | €1,394 | €1,477 | +€83 | +5.9% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €740,289 | €762,770 | +€22,481 | +3.0% |
| Operating profit (loss) | 9901 | €716,317 | €730,760 | +€14,443 | +2.0% |
| Financial income | 75/76B | €218 | €5,296 | +€5,079 | +2335.0% |
| Recurring financial income | 75 | €218 | €5,296 | +€5,079 | +2335.0% |
| Financial charges | 65/66B | €67,609 | €98,487 | +€30,878 | +45.7% |
| Recurring financial charges | 65 | €67,609 | €98,487 | +€30,878 | +45.7% |
| Profit (loss) for the period before taxes | 9903 | €648,926 | €637,570 | -€11,356 | -1.7% |
| Income taxes | 67/77 | €154,822 | €156,131 | +€1,310 | +0.8% |
| Profit (loss) for the period | 9904 | €494,104 | €481,438 | -€12,665 | -2.6% |
| Profit (loss) for the period to be appropriated | 9905 | €494,104 | €481,438 | -€12,665 | -2.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.